Bank Run Hits Greece

The wheels are starting to come off in Greece. We will see bank runs in Spain and Italy (and U.S.?) before this crisis is completed. Stocks are down 9 of the last 10 sessions and the risk of a major breakdown is growing greater by the day.-Lou

 

 

Stocks Post Loss on Greece, S&P at 3-Month Low

 

CNBC-Stocks faded in the final hour of trading Tuesday to finish lower after a transcript from the Greek meeting showed deposits leaving the nation’s banking system and after the Greece’s leaders failed to agree on a coalition government.

The S&P 500 closed at 3-month lows, while the Dow logged its ninth loss in the last 10 sessions. Major averages are on pace for their biggest monthly losses since last September.

According to a transcript, Greek depositors recently withdrew 700 million euros from the nation’s local banks, said President Karolos Papoulias, though the exact timing of the transfer was unclear.

“I think people need to prepare for the eventual removal of Greece from the EU and investors are getting ahead of that before they’re forced to,” said Matthew McCormick, vice president and portfolio manager at Bahl & Gaynor Investment Counsel on CNBC’s ”

The Dow Jones Industrial Average slipped 63.35 points, or 0.50 percent, to close at 12,632.00, led by Hewlett-Packard [HPQ  22.40    -0.565  (-2.46%)   ]and Home Depot [HD  48.67    -1.21  (-2.43%)   ].

The S&P 500 declined 7.69 points, or 0.57 percent, to end at 1,330.66. TheNasdaq erased 8.82 points, or 0.30 percent, to finish at 2,893.76.

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